STAND. COM. REP. NO. 1336

Honolulu, Hawaii

RE:    H.B. No. 140

       H.D. 1

       S.D. 1

Honorable Donna Mercado Kim

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 140, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR CHAMINADE UNIVERSITY OF HONOLULU,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the issuance of special purpose revenue bonds to Chaminade University of Honolulu to finance and refinance the planning, acquisition, construction, improvement, and equipping of its educational facilities.   

     Your Committee received written comments in support of this measure from Chaminade University of Honolulu and two individuals.  Your Committee received written comments on this measure from the Department of Budget and Finance.

     Your Committee finds that Chaminade University intends to refinance, construct, and renovate athletic facilities and renovate classrooms and faculty and administrative offices.  Additionally, the university plans to conduct structural maintenance on its campus and buildings, improve landscaping, and account for other related costs.  Your Committee finds that these activities constitute a project as defined in part VIII, chapter 39, Hawaii Revised Statutes.  Accordingly, your Committee further finds that the authorization of special purpose revenue bonds to Chaminade University is in the public interest because it will assist a not-for-profit private sectarian university that serves the general public.

     Your Committee has amended this measure by:

     (1)  Changing the amount of special purpose revenue bonds authorized from an unspecified amount to $25,000,000; and

     (2)  Changing the effective date to July 1, 2015.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 140, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 140, H.D. 1, S.D. 1.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

________________________________

JILL N. TOKUDA, Chair